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Data mining and analysis have always remained important for a business to sustain in this stiff market competition. However, the concepts which were initially limited to research and development are now imperative aspects of the daily course of actions in a business. Now that the age of digitization is at its peak the companies are trying to match the changing dimensions by gathering as much data as possible creating huge amounts of unstructured data to be deciphered. Though business intelligence helps the firm drill into this bulk it is certainly not able to provide as much benefits as Data Science.
Data Science has become one of the prominent weapons of modern-age industries to deal with the pile of unstructured data converting it into meaningful information. Data science is not merely a tool, but a perfect combination of statistics, technology and business vision. Data is useless until it is refined and utilized for business purposes. All sorts of companies big and small are hiring data scientists to do the same.
The total data market is expected to nearly double in size, growing from $69.6B in revenue in 2015 to $132.3B in 2020.- 451 Research
Why is Data Science imperative for your business?With the massive amounts of data emanating from digital mediums the need for data science grows accordingly making it a critical part of business operations. What purposes does Data Science solve?
- Strives to provide meaningful insights that can help the business accelerate its performance. It
- Does not only dig the data but brings innovative ideas to streamline the business operations.
- Helps the management formulate better strategies and take informed decisions that backed by appropriate logic and analysis.
- Not just predicts the future opportunities but also explains the reasons behind those.
According to IDC, by 2020 the investment on self-service visual discovery and data preparation tools will grow 2.5 times faster than the traditional IT-controlled tools for similar functionality.
Is Data Science booming? Why?Big data and business analytics worldwide revenues will grow from nearly $122B in 2015 to more than $187B in 2019, an increase of more than 50% over the five-year forecast period.
From the time of its emergence, Data Science has seen tremendous growth over the years. Initially, the market gurus were confused between Data Science and statistics but with the boundaries of technology blurring every day the importance of data science has gained prominence. Now this popularity has reached a point where data scientists are dominating business analysts and business intelligence experts in the job market.
As big data is exploding with an unprecedented speed the necessity of a concept like Data Science becomes imperative that enables refining, slicing and dicing the data to find useful trends and insights from them. This increases the demand for skilled individuals who can add value to the business by extracting information that can give a competitive edge to the firm.
As per a prediction of McKinsey, by 2018 only 140,000 to 190,000 people will be there with proficiency in data analysis to fill the big data job's demand.
Of course data science has reached a height because of its growing importance within every industry. Hence a large pool of jobs is awaiting skilled individuals who can fill this demand with their abilities. However, it is not just the demand that is driving aspirants toward this field but the huge amounts of salaries withdrawn by them for their critical job roles.
Data science is the sexiest job of the 21st century.- Harvard Business Review
Here are top five cities around the world which are paying highest salaries to the data scientists. Take a look:
[size=1em]Austin | [size=1em]$117,088 |
[size=1em]Chicago | [size=1em]$107,585 |
[size=1em]Seattle, WA | [size=1em]$105,577 |
[size=1em]San Jose, CA | [size=1em]$100,197 |
[size=1em]Salt Lake City, UT | [size=1em]$99,970 |
Clearly, this is not sufficient to bridge the skill gap created by big data around the world. Hence good knowledge and proper data science skills will definitely lead you to stand with the top business analysts.
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